How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
58296935
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

I want to convert my primary residence into a rental property,

This answer was rated:

I want to convert my primary residence into a rental property, but wouldn't be able to move out until I have a tenant. Can I live in the residence and claim as rental property while I'm looking for tenants?

USTaxAdvising :

Hello<

USTaxAdvising :

Yes you can still claim the home as a rental property but only the portion of which you actually rent.

USTaxAdvising :

Your personal living area would not be included.

USTaxAdvising :

You won't have any thing to deduct though until you are a tenant.

Customer:

Once I get a tenant can I claim Condo fees?

USTaxAdvising :

yes that's right. Once you have a tenant.

Customer:

What if I can't rent my home for enough to cover the mortgage, condo fees etc.

USTaxAdvising :

Then you would be operating the rental at a loss. Generally rental losses are not deductible but if you are actively managing and taking care of the rental then you can deduct up to 25K annually.

Customer:

Ok thank you

USTaxAdvising :

no problem

USTaxAdvising and other Tax Specialists are ready to help you